Two of the most important domestic electrical interconnection projects of Crete and the Cyclades are completed in 2025. The Dodecanese and the islands of the Eastern Aegean follow, and the weight of investment activity – as the domestic projects end – shifts towards international connections.

These arise from update made by ADMIE to investors on the occasion of the announcement of the financial results of 2023. Results characterized by the doubling of profitability to 116.6 million euros (+100.3% compared to 2022) and investments to 638.9 million euros ( from 332.5 million in 2022), a record that is predicted to be broken as early as this year when investments are predicted to approach 800 million euros.

In relation to the second interconnection of Crete (Heraklion – Attica as the first Chania – Peloponnese is already in operation) the latest forecasts speak of completion and electrification within 2025. The laying of the cables has already been completed while the land sections in Crete and Attica. It is noted that a tender is underway for the disposal of 20% of the shares of the ADMIE subsidiary “Ariadne” which is the implementing body of the project and the submission of binding offers by the interested parties is expected in the summer.

For the Cyclades in 2025 the completion of the fourth and last phase is expected, which concerns the interconnection of Santorini, Folegandros, Milos and Serifos. As pointed out, the completion of the interconnection of the Cyclades will enable the development of RES units with a total capacity of 332 MW on the islands, achieving a more stable, green and economical energy mix for the island complex.

In 2029 and 2030, respectively, the interconnections of the Dodecanese and the islands of the NE Aegean are expected to be completed, projects with a total budget of 3.2 billion euros.

According to the current design, the electrical interconnection of the Dodecanese Kos, Rhodes and Karpathos with the continental system, via Corinth, will be done in two phases. Accordingly, the interconnection of the northeastern Aegean will include the islands of Limnos, Lesvos, Skyros, Chios and Samos, and will be implemented in three phases. For these projects, ADMIE initiated the practice of concluding a framework agreement with the cable producers concerned with the aim, as it states, of securing lower prices and saving time and resources through a competitive process, as opposed to conducting separate tenders.

With regard to the international interconnections, the updated cost-benefit study for the Cyprus-Crete interconnection is expected by the beginning of the summer in order to follow the Cypriot government’s decision regarding participation in the project. It is noted that there is an interest of the American state fund DFC for investment participation, while an agreement has been signed with the Israeli fund Aluma and a memorandum of understanding between ADMIE, the Ministry of Energy, Trade and Industry of Cyprus and the TAQA fund from the United Arab Emirates. In the coming months, moreover, the decision on ADMIE’s equity participation in the Greece-Egypt GREGY electrical interconnection is expected, while the discussions on interconnection with Saudi Arabia and Germany are ongoing, which (interconnection with Germany) is an essential condition for the development of other international investment projects as it ensures the existence of sufficient demand for the absorption of the transferred energy.